Japan’s Shinsei Bank has signed a MOU with blockchain startup ConsenSys to widen its exploration of the tech ’s applications.
Japan’s Shinsei Bank has already signed a Memorandum of Understanding (MoU) with blockchain startup ConsenSys to widen its exploration of the tech ’s applications for finance, Cointelegraph Japan reports Nov. 8. According to a English-language press release published the same date, the MoU calls for a business alliance between Shinsei Bank, Hong Kong-based restricted license lender Nippon Wealth, Singaporean private equity finance Tribay Capital, along with ConsenSys. The latter was founded in 2014 by Ethereum (ETH) co-founder Joseph Lubin, and is currently headquartered in New York.The alliance between both entities will focus on investigating using ConsenSys’ decentralized applications (DApps) to create new financial services and products, together with Nippon Wealth spearheading a study of blockchain protocols and infrastructure for its banking sector.According into the press release, Nippon Wealth has “finished a funding injection through a third party allocation of shares of OJBC Co., Ltd., its owner. The alliance means Tribay Capital is now a new shareholder of Nippon, together with Shinsei Bank nonetheless staying its majority shareholder — keeping 50 percent of inheritance rights, based on CT Japan.Following the study, the parties have indicated they will roll out blockchain-related details and offerings of new services in their banking platforms “in a subsequent date. ”This week, a cybersecurity subsidiary of Japan’s Nomura Research Institute (NRI) declared a new blockchain security alert tool while also confirming a partnership using ConsenSys.As recently reported, blockchain is becoming a key focus of Japan’s conventional financial industry, together with multinational IT company Fujitsu announcing late October its strategies construct a interbank settlement platform utilizing blockchain technology as part of a joint project together with nine domestic banks.Also in October, Japanese financial services giant SBI Group debuted a Ripple (XRP)-powered settlement system which harnesses Ripple’s xCurrent solution to empower domestic bank-to-bank transfers in “real moment. &rdquo […]